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Financial Players Continue to Tie Up with Ripple in Q2 2018

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Ripple

Through the first quarter of 2018 Ripple (XRP) had already joined hands with financial giants like SBI Holdings, Fleetcor, Woori Bank and several other organizations.

What is the reason that behind so many companies, especially banks looking forward to partner up with Ripple? Is it just because of the fact that Ripple blends blockchain technology with centralization model? There is actually a host of reasons that make these companies seek out the Ripple network to accommodate the ‘new’ technology. For instance, the Cobalt algorithm minimalizes the cross-border transaction speed to approximately 1 second. It also prevents the occurrence of any stoppage in the transactions. Ripple’s partnership with Hyperledger has given access to the developers to the Interledger Protocol or ILP and has opened up a world of possibilities.

 xVia API solution

At the end of April 2018, Ripple had acquired 5 major customers for its xVia API solution. FairFX (U.K.), Exchange 4Free (U.K.), RationalFX (U.K.), UniPay (Georgia), and MoneyMatch (Malaysia) will now be able to better access the surging global payments market. Through xVia, the financial institutions can easily transfer funds to and from the incipient markets by using RippleNet. The system is much faster and secure and involves minimal transaction costs. The businesses and financial institutions taking the help of xVia can send payments ton digital wallets, payment providers and so on directly, eliminating the need for custom connections. The small businesses will also benefit from the xVia API solution.

According to the Senior Vice President of Product at Ripple, customers who want to access global payment markets usually face high costs and time-related issues of building links to networks and banks all over the world. The xVia API solution was aimed to solve these issues. Now, the payment originators will also have access to a single standard connection that reduces the high failure rates, often observed in case of traditional wire transfers. The manual reconciliation expenses are also deducted to a certain extent by RippleNet.

The chief commercial officer of FairFX, James Hickman revealed their reason for choosing Ripple and xVia. FairFX will be able to reach out more people in a much shorter time and at minimal costs. The system will also become more transparent and efficient that will attract more customers. Similarly, Chris Humphrey, CEO of RationalFX, eagerly awaits the incorporation of xVia globally.

Standard Chartered and RippleNet

Standard Chartered is not new to the features and applications of RippleNet. The network is becoming increasingly popular among the banks due to their cross-border payment solutions. In fact, it seems that Standard Chartered will be introducing this technology to five countries within 2019. The plan is to spread the word of RippleNet across Asia. Currently, Standard Chartered uses RippleNet to send payments to India. Adding on more countries at this crucial juncture of change in the financial system is more likely to reap more benefits for both XRP and the financial institutions. However, Standard Chartered has not yet revealed the names of the countries it wants to incorporate. RippleNet will gain more customers due to its focus on transparency, lower fees, and instant settlement solutions.

“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitization and innovation as we continuously look at the new way”.

  • An employee of Standard Chartered

BankDhofar and RippleNet

The first Oman bank to join RippleNet, rather the global blockchain network is BankDhofar. Like Standard Chartered, BankDhofar was attracted by the opportunity of sending payments overseas within just a few seconds through a completely transparent system. Prior to BankDhofar, above 120 financial institutions had partnered up with RippleNet to integrate blockchain technology into their system. According to the official press release, “This initiative is part of BankDhofar’s continuous transformation plan, which is putting digital technology and innovation at the core of its strategy to improve the experience of its customers.”

Price Analysis of Ripple (XRP)

At the time of writing, according to coinmarketcap.com, the price of Ripple shows approximately $0.78 USD (-6.78%). The market cap continues to stay above $30 billion USD and the volume (24h) is above $550 million USD. (As of 9th May 2018) The blame for the slight drop in price can be given to the usual volatility of the cryptocurrency markets and even on the after-effects of the bearish trend of Q1. It is noteworthy that Ripple (XRP) has moved on to the 3rd position in the coinmarketcap.com rankings. The partnerships with renowned financial institutions and the continuous efforts put by the development team to ensure faster and smoother cross-border transactions will surely loft the crypto-coin to higher places.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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